Newcomers to the cryptocurrency world often follow a similar path. First, you discover the major crypto exchanges and brokers. Then you start stumbling upon smaller projects with more niche offerings, perhaps recommended by a peer. As your understanding of crypto grows, you actively search for the newest and most exciting DeFi platform ideas.
That is just what we’re dealing with in our MANTRA DAO review. Let’s take a look at this DeFi platform’s offering.
What is MANTRA DAO?
In simple terms, MANTRA DAO is a marketplace where users run the stalls. It’s a DeFi platform offering services including:
- Supplying and borrowing against crypto assets
- Investing in new project launches
- Peer-to-peer swaps
- Many other services
The platform’s users have control of its services – anyone with OM token holdings can vote and engage in discussions on the platform’s direction. The OM token is the native crypto token of MANTRA DAO and is distributed as a reward for user engagement and contributions.
MANTRA DAO uses the Parity Substrate blockchain framework, which is compatible with the Polkadot network. Polkadot allows different chains to communicate, which underpins a key part of the platform’s goal – creating a more communicative and harmonic blockchain community to encourage mass adoption. It sees large-scale adoption and community as critical to the long-term success of cryptocurrencies and Web 3.0.
You can learn more by checking out the platform’s whitepaper, although crypto novices are warned: the text is somewhat dense.
How Does MANTRA DAO Work?
Besides its growth on Substrate, MANTRA DAO now operates on Ethereum, Binance Smart Chain, and Polygon. This makes it accessible to a wider variety of crypto enthusiasts and wallet holders. Moreover, the OM token’s listed on Binance, PancakeSwap, and Bithump Global, amongst other popular exchanges.
How Do You Use MANTRA DAO? Step-by-Step Guide
To start using this DeFi platform, follow these steps.
1. Go to the website’s homepage.
2. Click the “APP” button in the top-right corner.
3. Choose your wallet type.
4. Connect your wallet to the service.
When you’re connected, you can choose from the range of services this DeFi platform offers. Staking is straightforward, while backing project launches and playing games that offer crypto rewards are popular choices.
Who is MANTRA DAO For?
MANTRA DAO is a DeFi platform for the true believers. Its goals could be described critically as somewhat utopian. Still, the platform’s focus on building a self-governing, self-regulating community chimes with the future many crypto enthusiasts would like to see.
This DeFi platform states that its mission is to “give financial control back to the people,” which is why the OM token is a governance tool and a commodity. Anyone can take a stake in the platform and influence decision-making, aiming to achieve “collective growth” by pooling wisdom and providing transparency.
It’s also quite accessible for beginner users and crypto veterans alike. Its sign-up process is simple, and connecting a wallet is straightforward. This is likely to become easier as the platform continues to work with interoperable blockchains.
Who is Behind MANTRA DAO?
The platform was founded by John Patrick Mullin, Will Corkin, and Rodrigo Quan Miranda in 2020. Note that there have been some question marks around investors and staff history (see FAQ below).
What Makes MANTRA DAO Unique?
This DeFi platform has lofty goals and a sleek set-up. It aims at being user-friendly in every sense of the word – from making sign-up easy to giving users control and value in its community.
The OM token will need to increase prominence before we can see DeFi community-building on the scale the platform imagines. For now, it seems an accessible platform with wide-ranging services. Launch MANTRA DAO to find out more.
Is MANTRA DAO staking safe?
There have been some user complaints about staking on IsThisCoinAScam, but these seem to be in the minority.
What is OM MANTRA DAO?
The OM token is the native token of the DeFi platform MANTRA DAO.